Bank of Israel Limits Forex Trading Due to US Holiday
The foreign currency market in Israel experienced a quiet opening on Monday, with minimal fluctuations in exchange rates. This calm is primarily attributed to the "Labor Day" holiday observed in the United States, leading to the closure of New York stock exchanges and a general holiday for Americans.
In accordance with directives from the Bank of Israel, trading activities involving the US dollar were significantly restricted. Specifically, Israelis were unable to open or close dollar-denominated deposits and could not initiate or receive foreign currency transfers. Consequently, the dollar's exchange rate remained stable against the Israeli shekel, hovering around 3.01 shekels. The Euro also traded steadily, remaining above 3.49 shekels.
Globally, the US dollar index, which measures its strength against major world currencies, held firm at 99.2 points. The Euro maintained a value of $1.16, and the British Pound saw a minor decrease of 0.1%, trading near $1.35.
Full market activity is expected to resume on Tuesday with the reopening of US financial markets.
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